High-voltage cables are the main arteries of urban power supply. Cable accessories are connecting components between different sections of cables or between cables and other electrical equipment. The stress in the cold shrink tube of cable accessories is a key parameter to ensure the stable operation of the power system. This paper attempts to explore a method for measuring the stress in the cold shrink tube of high-voltage cable accessories based on ultrasonic longitudinal wave attenuation. Firstly, a pulse ultrasonic longitudinal wave testing system based on FPGA is designed, where the ultrasonic sensor operates in a single-transmit, single-receive mode with a frequency of 3 MHz, a repetition frequency of 50 Hz, and a data acquisition and transmission frequency of 40 MHz. Then, through experiments and theoretical calculations, the transmission and attenuation characteristics of ultrasonic longitudinal waves in multi-layer elastic media are studied, revealing an exponential relationship between ultrasonic wave attenuation and the thickness of the cold shrink tube. Finally, by establishing a theoretical model of the radial stress of the cold shrink tube, using the thickness of the cold shrink tube as an intermediate variable, an effective measurement of the stress of the cold shrink tube was achieved.